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 Crypto adoption in the United Kingdom has been growing as the country adopts more regulations targeting crypto and stablecoins, the study shows.
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<div class="cointelegraph">
 The United Kingdom has emerged as a major cryptocurrency economy worldwide and the biggest crypto country in terms of raw transaction volume in Central, Northern and Western Europe (CNWE), according to a new study.
 The blockchain analytics firm Chainalysis on Oct. 18 released two new chapters of its 2023 Geography of Cryptocurrency report, including its brand new CNWE study and the second edition on Eastern Europe.
 According to the CNWE-focused report, the CNWE region was the second-largest <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> economy in the world over the past year, behind only North America. The region accounted for 17.6% of global transaction volume between July 2022 and June 2023, receiving an estimated $1 trillion in on-chain value during the time period.
 The U.K. has topped CNWE’s biggest crypto economies list and also ranked third in the world in terms of transaction volumes after the United States and India. According to Chainalysis, the U.K. received an estimated $252.1 billion in cryptocurrency transactions in the past year.
 Other big crypto economies in the CNWE included Germany and Spain, which received around $120 billion and $110 billion in crypto over the past year, respectively. These countries are followed by major crypto economies like France, Netherlands, Italy, Switzerland, Sweden and others.
 <figure><img src="https://cdn.thebittimes.com/images/2023/10/18/db27616a30198b248c18648df381e5aa.webp">
 <figcaption style="text-align: center;">Top countries by cryptocurrency value received between July 2022 and June 2023. Source: Chainalysis
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 Some <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> analysts have previously hinted at growing <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> adoption in the U.K. before. In February, the <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> tax platform Recap reported that London was the world’s most <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>-ready city for business, beating Dubai and New York.
 The significant level of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> adoption in the U.K. comes amid the country adopting a number of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a>currency regulations. The U.K. government has been steadily progressing towards the adoption of the Financial Services and Markets Bill, which adds a definition of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> assets to the existing financial services legislation while also providing a regulatory framework for stablecoins like Tether (USDT).
 Related: Chainalysis axes another 15% of staff, citing difficult market conditions
 In October 2023, the U.K. Financial Conduct Authority enforced the Financial Promotions Regime, establishing a regulated standard for crypto firms to promote their business without hurting investors. Previously, the U.K. also adopted the U.K. crypto “Travel Rule” in September 2023, requiring crypto asset businesses in the U.K. to collect, verify and share certain information about certain crypto asset transfers.
 In addition to the CNWE report, Chainalysis also released a detailed report on Eastern Europe, which is the fourth-largest crypto market, according to the firm. The region received $445 billion in crypto between July 2022 and June 2023, which represents 8.9% of global transaction activity during the analyzed period.
 Chainalysis did not immediately respond to Cointelegraph’s request to tell more about the methodology of its study and what types of <a rel="noopener noreferrer nofollow" title="crypto" href="https://thebittimes.com/tag/crypto.html">crypto</a> transactions were included in the <a rel="noopener noreferrer nofollow" title="Category Analysis" href="https://thebittimes.com/analysis.html">Analysis</a>. This article will be updated pending new information.
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Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/uk-tops-crypto-activity-in-central-northern-and-western-europe-chainalysis-tbt66848.html">https://thebittimes.com/uk-tops-crypto-activity-in-central-northern-and-western-europe-chainalysis-tbt66848.html</a>

UK tops crypto activity in Central, Northern and Western Europe: Chainalysis

TheBitTimes

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